LONDON—Britain’s crown dependencies and overseas territories are being advised in a new report to ensure they meet international standards on taxation and financial regulation and to take a fresh look at their tax structures.

In a 93-page independent review released Thursday, “Final report of the independent Review of British offshore financial centres,” Michael Foot, former managing director of the U.K.’s Financial Services Authority, said the British offshore financial centers that are crown dependencies Guernsey, Isle of Man and Jersey, and offshore territories Anquilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, and Turks and Caicos are under “intense international focus” because of the financial crisis. Among the steps the financial centers should take is a re-examination of their tax regimes, he advised.

“Some now face difficult decisions and will need to look afresh at options for controlling public expenditure and increasing revenue,” Mr. Foot said in the report. “Even those jurisdictions which are not under immediate fiscal pressure may wish to consider whether existing tax regimes expose them to international pressure which might ultimately have a material impact on their economic sustainability whilst potentially also reducing their tax take more than necessary,” he said.

The U.K. government commissioned the independent review by Mr. Foot in December 2008.

Some jurisdictions “have a good story to tell, but there is no room for complacency,” Mr. Foot said in the report. “Others have more to do, particularly on regulation and tackling financial crime.”

Officials in some jurisdictions reacted favorably to the review.

“Government will need time to consider the report in detail,” Isle of Man Chief Minister Tony Brown said in a statement. “But we welcome its broad findings which recognize the work that the Isle of Man has done over the past decade and acknowledges that our actions to diversify our economy, measure and control public spending, and build financial reserves during periods of economic growth have provided us with the resilience we have today.”

Many recommendations in the report align with policies in place or committed to by the Isle of Man’s government, said Mr. Brown.

The report finds Guernsey to be a “favorable, compliant and transparent international financial center,” Guernsey Chief Minister Lyndon Trott said in a statement. “Mr. Foot finally confirms the issue that the three crown dependencies do provide a positive economic benefit to the U.K.”

Matthew Elderfield, chief executive officer of the Bermuda Monetary Authority, said Bermuda already has made progress in meeting recommendations in the report, but said there is no room for complacency. Bermuda must “maintain its high regulatory standards and cooperative approach in the international financial sector,” he said in a statement.

The report is available online at www.hm-treasury.gov.uk.